Car issue

Get expert opinion. This is the place for new questions to be posted.
4 posts Page 1 of 1

Clairebear

Posts: 4
Joined: Fri Sep 13, 2019 3:36 pm

Post by Clairebear » Thu Feb 06, 2020 8:30 pm
Hi all I'm currently in an iva since Oct 2019 I was told I could keep my car as it looked like it was under an unsecured loan now to be told it's been passed to solicitors I'm guessing they want money or the car back.
On paperwork it say fixed sum with balloon payment does that mean its pcp ? and I've been told the wrong information before I signed for iva?
If they take the car back would my iva payments come down ?
Does an iva need to be a certain amount because if car wasn't added (9/10k) there wouldn't be much debt maybe 6/7 grand on loans credit cards/store cards.
Its stressing me out thinking I done the wrong thing they can have the car back but i need funds to buy a run about to get me to work

Foggy

User avatar
Forum Expert
Posts: 30208
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Thu Feb 06, 2020 9:13 pm
A balloon payment can be PCP --- but would be secured on the car. You need to check the paperwork for the finance. If it is, as it sounds it might be, secured on the car it cannot be included in the IVA, but the payment should have been included in your allowances. Whgen you are no longer making that payment your disposavle income and therefore your IVA payment will actually increase.

Although the debt has decreased, you will continue to make regular payments until such time as the debt, fees and possible statutory interest has been covered, or the agreed term ( usually 5 years) has come to an end, whichever is sooner.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Clairebear

Posts: 4
Joined: Fri Sep 13, 2019 3:36 pm

Post by Clairebear » Thu Feb 06, 2020 9:19 pm
Thanx foggy do you know Where I stand regarding giving me the wrong information before I signed regarding the car as I questioned this and sent paperwork for them to check over

Foggy

User avatar
Forum Expert
Posts: 30208
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Fri Feb 07, 2020 7:56 am
Thu Feb 06, 2020 9:19 pmClairebear wrote:
Thanx foggy do you know Where I stand regarding giving me the wrong information before I signed regarding the car as I questioned this and sent paperwork for them to check over
There is, really, very little you can do other than make a formal complaint to the IP and, if that gets nowhere, escalate the complaint to their regulatory body who might slap their wrists or issue a monetary fine (which they keep -- you will not see any recompense).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk
4 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”